Brookings Economic Development Corporation

Organization Overview

Brookings Economic Development Corporation is located in Brookings, SD. The organization was established in 1997. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Brookings Economic Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brookings Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 12/2021, Brookings Economic Development Corporation generated $828.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.8%) each year. All expenses for the organization totaled $943.1k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Since 2016, Brookings Economic Development Corporation has awarded 13 individual grants totaling $978,770. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

DEDICATED TO SERVE THE BROOKINGS AREA BY ENHANCING THE ECONOMIC WELL-BEING OF THE CITY OF BROOKINGS AND ITS SURROUNDING AREAS AND TO IMPROVE ITS QUALITY OF LIFE AND PROSPERITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ENHANCE ECONOMIC WELL-BEING OF THE BROOKINGS AND SURROUNDING AREA.


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Board, Officers & Key Employees

Name (title)Compensation
Andrew Sloss
Prior CEO
$131,491
Tim Reed
Director
$0
Dan Hansen
Past President
$0
Daniel Scholl
Vice President
$0
Carla Gatzke
President
$0
Mark Hyde
Sec/treasurer
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $244,300
All other contributions, gifts, grants, and similar amounts not included above$203,745
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$448,045
Total Program Service Revenue$183,474
Investment income $16,634
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $108,126
Net Gain/Loss on Asset Sales -$8,556
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $828,178

Grants Awarded

Over the last fiscal year, Brookings Economic Development Corporation has awarded $172,000 in support to 3 organizations.

Grant RecipientAmount

SDSU GROWTH PARTNERSHIP

Org PageRecipient Profile

Brookings, SD

PURPOSE: Pass-Through

$120,000

BROOKINGS CHAMBER OF COMMERCE

Org PageRecipient Profile

Brookings, SD

PURPOSE: Events

$34,000

ENTERPRISE INSTITUTE

Org PageRecipient Profile

Brookings, SD

PURPOSE: Entrepreneur Development

$18,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Brookings Economic Development Corporation has recieved totaling $20,000.

Awarding OrganizationAmount
Brookings Foundation

Brookings, SD

PURPOSE: Covid Relief

$20,000
View Grant Recipient Profile

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